The gold price has risen from last year's low of $712.50 (month of October) and closed at $1009.70 per ounce on September 24, 2009. Gold has been steadily rising since the October 2008 lows, and had reached the $980.00 per ounce level several times in 2009 before closing above $1,000 per ounce in September. During this rise in the bullion price, there were strong fluctuations in the U.S. Dollar. On January 2, 2009 the Euro/$ was 1.3866 and the dollar has increased in value to a Euro/$ value of 1.2555 on March 5, 2009, as the dollar strengthened. 

September 7, 2009: Newmont Mining Corp. (NEM) has received an essential land-use permit from the Indonesian government which will allow it to continue its mining operation. The permit is valid for 20 years. NEM operates the Batu Hijau copper and gold mine on Sumbawa Island. The mine is operated as a joint venture (PT Newmont Nusa Tenggara). NEM has a 45% interest in the JV. Foreign investors are in the process of selling a stake in the JV to local investors or to the government within six months. The mine is expected to produce 455 million pounds of copper concentrate and 486,000 ounces of gold in 2009.

September 8, 2009: Barrick Gold Corp. (ABX) announced it has entered into an agreement with Silver Wheaton Corp. (SLW) to sell 25% of the life-of-mine silver production from the Pascua-Lama project, and 100% of the silver production from the Lagunas Norte, Pierina and Valadero mines until the Pascua-Lama project is commissioned. ABX will receive a cash deposit of 625 million payable over three years as well as ongoing payments for each silver ounce delivered under the agreement. SLW will make an immediate cash deposit of $212.5 million and three payments of $137.5 million on the first, second, and third anniversaries of the closing which is expected to occur on or about September 22, 2009. ABX will commence deliveries of silver form the above noted active mines based on production effective September 1, 2009, and from deliveries of silver production from Pascua-Lama, measured from the later of January 14, 2014, or from project commissioning. SLW will also make ongoing cash payments based on the lesser of $3.90 per ounce (subject to 1% annual inflation adjustment starting 3 years after the start of commercial mining at Pascua-Lama) or the prevailing market price of each delivered ounce of silver. Annual production at Pascua-Lama is anticipated to 750,000 to 800,000 ounces of gold, and 35 million ounces of silver. The agreement contains provisions to compensate SLW if Pascua-Lama is not completed.

September 8, 2009: IAMGOLD Corp. (IAG) announced an acceleration of production in the early years at its Essakane project in Burkino Faso, West Africa. This production acceleration is a result of increasing the processing rate, accessing higher grade ore sooner, and optimizing the mine plan.  These actions will result in an increase in gold production during 2010 and 2011 to an estimated 480,000 ounces.  The pre-production capital budget for Essakane is expected to increase by approximately $21 million resulting in a total project capital budget of approximately $443 million. It is expected that Essakane will produce an internal rate of return of approximately 18% based on a gold price of $800 per ounce and a fuel cost of $80 per barrel. Commercial production is expected in August of 2010, with a life-of-mine gold production estimated to be 315,000 ounces of gold per year through 2018. Probable reserves for Essakane total 3.4 million ounces from 75 million tons of ore at a grade of 0.045 ounces per ton gold.

September 8, 2009: Harmony Gold Mines Ltd. (HMY) has succeeded in acquiring the provisionally liquidated Pamodzi Gold Free State. HMY had suspended its efforts to acquire Pamodzi in favor of a rumored bid by China Africa Development Fund (CADF). HMY resumed negotiations when CADF failed to make a bid. HMY has paid R405-million for Pamodzi Gold Free State.

September 9, 2009: Agnico-Eagle Mines Ltd. (AEM) is pleased to update its 2009 exploration program. New discoveries have increased the size of known mineral zones in several deposits and the company expects to report increased gold reserves and resources at the end of the year, above the year's production. AEM's $54 million exploration program is expected to complete 725,000 feet of drilling with 35 drill rigs. By the end of July, approximately 623,000 feet of the planned drilling program had been completed. Based on drilling success, additional drilling will be undertaken. Exploration success at the Pinos Altos project in Mexico includes discovery of a new gold-silver mineralization at Cubiro; better than expected grade and thickness of mineralization at Sinter, which may be extracted via open pit methods; and extension of San Eligio mineralization along strike and dip. At Kittila, Finland, drilling continues to confirm high grades at depth below 600 meters (1,968 ft.) at Suri and increases underground resources to the north. Near-surface gold mineralization was extended to the north and at depth at Rimpi. At Meadowbank drilling results confirmed extensions of mineralization and underground mining potential of the Goose South zone at depth. In-fill drilling also confirmed resources found at Vault and extended gold mineralization to the north and to the east. Refer to the press release for detailed drilling results for each project.

September 9, 2009: Barrick Gold Corp. (ABX) has decided to increase its huge $3.0 billion bough-deal equity offering, announced on Tuesday evening, to about $3.5 billion because of strong investor demand. ABX will sell 94.8 million shares at $36.95 apiece, and if an over-allotment option is fully exercised, the shares offered will rise to as many as 109 million, for a total offering value of $4.0 billion. About $1.9 billion of the cash will be used to eliminate ABX's 3.0 million ounces of fixed-price gold hedges. A $5.6 billion charge to earnings will be recorded in the third quarter as a result of a change in accounting treatment for the contracts.

September 14, 2009: Yamana Gold Inc. (AUY) provided updates to its development projects, Mercedes in Mexico, and Aqua Rica in Argentina. Drilling at Mercedes focused on the central and northern portions of the Las Barrancias Trend, the Northwest Extension at Mercedes and the Lupita vein zone. Year to date drilling in Mexico totaled 92,500 feet in 79 core holes. Drilling at Las Barrancias continued to intersect in areas covered by 230-395 feet of post-mineral volcano-sedimentary rocks multiple epithermal quartz-carbonate vein and stock work zones ranging from 3.25 feet to 75.5 feet in true width. Gold values in excess of 0.058 ounces per ton gold equivalent ounces have been intersected along most of the 2,250 foot mineral zone strike length, representing a vertical range of 590 feet. At Lupita, drilling confirmed the presence of over 0.058 gold equivalent ounces per ton along a portion of a 1,968 feet strike length located at the contact between the upper host andesite and lower lithic tuff. The Lupita drilling program is being expanded to infill and step out drilling on 60 meter (197 foot) centers. An update to a 2006 Agua Rica feasibility study reports that the project can be expected to annually produce approximately 36.4 million tons of ore containing 182,500 tons of copper, 135,000 ounces of gold, and 7,500 tons of molybdenum. The 2006 feasibility study did not include an assessment of the economic potential of recovering rhenium (a rare, dense metal used in alloys requiring high strength, corrosion resistance, and a high melting point: 3,180˚C) that is present in the ore. Recovery of rhenium as a by-product may add to the projects return on investment.

September 15, 2009: Gold Fields Ltd. (GFI) reported that workers at the Tarkwa operation in Ghana, the country's largest mine for precious metals started a work slow-down which may escalate into a strike over the disparity of pay between expatriates and nationals. Tarkwa produced 645,000 ounces of gold in 2008, and is on pace to produce 700,000 ounces in 2009.

September 15, 2009: Harmony Gold Mines Ltd. (HMY) reported that the North Gauteng High Court ratified HMY's proposed acquisition of the provisionary liquidated Pamodzi Gold Free State assets. The court rejected the opposition to the ratification by Pamodzi Gold Ltd. Harmony has bid R405-million for the Pamodzi assets, and offered an immediate R20-million guarantee for care-and-maintenance of the assets.

September 15, 2009: Harmony Gold Mines Ltd. (HMY) CEO Graham Briggs said on Tuesday, that he expects that a prefeasibility study on the large Wafi-Golpu gold/copper prospect, in Papua New Guinea (PNG) will be completed in 2011, and may be followed by a definitive feasibility study in 2013. HMY owns the asset in a 50/50 joint venture with Australian miner, Newcrest Mining. The JV is currently commissioning their first mine in PNG - Hidden Valley. The Wafi project would likely be developed as an open pit, with the potential for grades of 1.5 g/t to 2 g/t gold (0.044 to 0.058 opt gold) while the Golpu copper/gold porphyry would be an underground block-cave operation. Wafi has an estimated gold resource of 3.12 million ounces and Golpu currently has a mineral resource of 6.31 million gold-equivalent ounces, and 0.7 million ounces of reserves. The Hidden Valley mine is expected to be commissioned next quarter, and HMY estimates that its attributable production from the mine will be between 105,000 to 120,000 ounces in its 2010 financial year, which ends on June 30, 2010.

September 15, 2009: IAMGOLD Corp. (IAG) announced that it will look at buying assets with annual gold production potential for at least 150,000 ounces that won't have a negative effect on the company's cost per ounce profile. The focus for the company will remain in its three priority regions: West Africa, the Guyana Shield, and Quebec. Based on its existing project pipeline, IAG believes it can ramp production up to approximately 1.4 million ounces by 2013, compared to its 2009 forecast of 910,000 to 920,000 ounces. Once Essakane is up and running, current planning calls for advancing Quimsacoaha, in Ecuador followed by Westwood in Quebec.

September 16, 2009: Goldcorp Inc. (GG) CEO Chuck Jeannes said at the Denver Gold Forum that the company has no plans to sell either equity or debt. GG has all of the cash it needs to advance its current programs. GG has ten operating mines and four advanced stage projects spread across North and South America. GG expects that its gold production will increase by 50% over the next five years. Production for the current year is forecast at 2.3 million ounces. The first significant increase in production will take place at Penasquito, Mexico where the first milling line is due to start producing concentrate from a 5.8 million ton stockpile of ore. A second mill line is due to come on stream next year. Annual life of mine output is planned at 500,000 ounces of gold per year, 31,000,000 ounces of silver, and 400 million pounds of zinc. Penasquito reserves are currently 17.4 million ounces of gold and 1.05 billion ounces of silver.

September 16, 2009: Gold Fields Ltd. (GFI) expects to complete a detailed feasibility study on the potential to produce uranium from tailings dams during the first quarter of 2010. A detailed feasibility study is ongoing and is expected to be completed in March 2010. GFI has drilled 13 tailings dams that have been built over the last 50 years at their South African properties, and estimate that these tailings dams may contain 50 million pounds of uranium as a measured resource, and an additional 4 million ounces of gold. GFI is using a $50/lb. uranium price in the studies, and believes it could even achieve higher uranium prices by entering into long term sales contracts. GFI may consider partnering with another company to develop this uranium/gold tailings resource.

September 16, 2009: Kinross Gold Corp. (KGC) reported that it expects to soon get the go-ahead to restart drilling at its Fruta del Norte deposit in Ecuador, which had been suspended since the country froze mining development last year. The deposit contains an estimated inferred resource of 13.7 million ounces of gold. KGC has received water and environmental permits to resume activity, and is now waiting on ministerial consent.

September 16, 2009: Kinross Gold Corp. (KGC) CEO Tye Burt said at the Denver Gold Forum that the precious metals industry is facing a crisis of declining ore reserves as investor demand outpaces supply. Global gold production has been in decline since the peak production of 81 million ounces in 2001. Global gold production declined to 77 million ounces in 2008. KGC is currently considering up to 50 investments in all countries where the company has operations. KGC is seeking development stage or active projects. KGC sold shares valued at $414.6 million in the first quarter to pay for acquisitions and to take advantage of investor's interest in gold as a safe haven from economic turmoil.

September 16, 2009: Newmont Mining Corp. (NEM) will focus exploration near existing mines in Nevada to bolster its reserves, and to take advantage of existing infrastructure and staff. NEM is currently exploring 18 deposits near existing mines. NEM is trying to boost reserves to benefit from historically high gold prices. NEM's gold sales from its mines declined 5.7% to 1.2 million ounces in the second quarter, and the company has lowered the high end of its 2009 forecast to a range between 5.4 million and 5.5 million ounces. Gold sales in 2008 totaled 5.2 million ounces. 

September 17, 2009: IAMGOLD Corp. (IAG) announced that it has been added to the S&P/TSX 60 Index, effective at the market close on Monday, September 21, 2009. The S&P/TSX 60 Index is a Canadian large cap index which is equivalent to the S&P 500.

September 18, 2009: Newmont Mining Corp. (NEM) reported that it has received nearly $1.97 billion in net proceeds from its recent public offering of senior notes. The company plans to use the proceeds for working capital and for other general corporate purposes which could include the cost of developing company projects and potential acquisitions. The offering consisted of a 5.125% senior note due in 2019 in the principal amount of $900 million and 6.25% senior notes due in 2039 in the principal amount of $1.1 billion.

September 22, 2009: Newmont Mining Corp. (NEM) temporarily suspended mining operations at the Batu Hijau open pit copper/gold mine in Indonesia as a result of a geotechnical failure in the west wall of the pit. A geotechnical review will be conducted to formulate a stabilization plan. The operation continues to process lower grade ore from stockpiles. It is too soon to determine the impact on production and revenues.

September 22, 2009: Silver Wheaton Corp. (SLW) closed the previously announced purchase from Barrick Gold Corp. (ABX) of the equivalent of 25% of the life of mine silver production from ABX's Pasua-Lama project, as well as the equivalent of 100% of the silver from ABX's Lagunas Norte, Pierina and Veladero mines until the end of 2013. Per the purchase agreement, SLW would pay a total of $625 million, of which $212.5 million was paid upfront, to be followed by payments of $137.5 million on the first, second, and third years. SLW will also make cash payments for each ounce of silver delivered. The cash price will be the lesser of the prevailing market price of silver or $3.90 per ounce of silver.

September 24, 2009: Goldcorp Inc. (GG) Mexican director, Salvador Garcia said that Penasquito is scheduled to begin commercial gold production at its large gold deposit in central Mexico on January 1, 2010. At peak production in approximately 5 years, the mine is expected to be producing 500,000 ounces of gold over the mines current 22 year life.